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The Sole Trader
Startup Guide

You’ve done the thinking and now it’s time to go for it by making your own business. Back yourself! There’s nothing more rewarding than seeing your ideas turn into a success. So where to start? In this guide, we provide a quick start reference to help you get o the ground.
1

the idea

Turning your new ideainto a potential business
Create your Plan on a Page, and try to define:
  •  The customer problem your new product or service will solve
  • How you will build the solution to the problem
  • Your understanding of the competition, and if this solution already exists
2

know the challenges

Why become a Fitness Professional?
Consider what it’s going to take to succeed.
  • Be prepared to sacrifice work / life balance
  • Know you are personally and legally responsible for your business
  • Plan and manage your cash flows ahead

RESOURCES:

Managing sole trader cash flows | Sole App

3

Document your strategy

Why become a Fitness Professional?
There are an abundance of online business plan templates, check out some of our favourites below.
4
  • Be prepared to work around your client’s schedules
  • Creating an established client base will take time.
  • Retaining clients can be hard - it is important to stay up to date
    with the latest trends.

RESOURCES:

Managing sole trader cash flows | Sole App

5

create and manage your budget

Forecast for your business and track your cash flows
Use a tool like Sole to manage, track and simplify your finances and accounting. It is also important to consider professional financial advice tailored to your business.
6

understand laws and regulations

Why become a Fitness Professional?
Australian business laws can be complex and are strict in order to protect consumers. Check out the following guidance:
7

manage your risks

Why become a Fitness Professional?
Insurance that is tailored for Fitness Professionals may be important to consider to protect you against claims of professional negligence and third-party injury that may occur.
  • Identify your risks
  • Create a risk management plan
  • Reduce and control your risks with insurance

RESOURCES:

Business insurance | business.gov.au
Business Insurance For Sole Traders | Compare the Market
Sole Traders Guide to Public Liability Insurance | BizCover

8

get ready for tax time

Why become a Fitness Professional?
You will not have an employer who will automatically take your tax out of your weekly paycheck – you are responsible for managing it.
  • Use Sole’s Tax Estimator to forecast your tax payments throughout the year.
  • You may not be required to pay yourself any super, but do some research to see what works for you.
  • Make sure that you are putting aside sufficient cash in order to make payments before the end of the year.

RESOURCES:
Talk about tax | Sole App
Super for sole traders and partnerships

9

manage your marketing

Plan your approach for communicating your business to customers
Why become a Fitness Professional?
Consider what it’s going to take to succeed and get ready.
  • Set up a website for your business.
  • Create and tailor your brand in order to distinguish your business from the rest
  • Build a strong social media presence.

Resources:
Free website creator | blog.hubspot.com
Free design tools | zapier.com
Social media 101 | business.gov.au

10

build, manage and learn

Why become a Fitness Professional?
Be willing to take a chance on new ideas, and to be brave enough to learn from your mistakes when things don’t go according to plan. There are a number of great tools available to start ups to help them manage their business with low or no ongoing costs such as:
  • Be prepared to work around your client’s schedules
  • Creating an established client base will take time.
  • Retaining clients can be hard - it is important to stay up to date
    with the latest trends.

RESOURCES:

Managing sole trader cash flows | Sole App